Guggenheim lowered the firm’s price target on Endava to $45 from $55 and keeps a Buy rating on the shares. Endava’s recent GalaxE Solutions acquisition buoys Q4 and FY25E revenue, but the firm expects the core business to remain under pressure as channel conversations suggest ramp downs by a large Payments client in FY25, the analyst tells investors. The firm is adjusting estimates to reflect a continuation of soft demand in the Payments vertical.
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